Real are understood to have drawn up an
opening bid of £33m for Bale, but that falls well short of Levy’s ­valuation. Levy and Tottenham rate Bale within a band of players just under Lionel Messi, Ronaldo and Radamel Falcao, and will argue the 23-year-old still has the potential to reach that level.

Despite the club’s public ­insistence Bale is not for sale, there is a growing feeling within Tottenham that this is likely to be his final season at White Hart Lane.

A source told Sunday Mirror Sport: “Real are prepared to push very hard for Gareth and there are not too many better players in the world than him right now.” Bale signed a new four-year contract in June, which puts Levy in a strong negotiating position.

Real may well try to top up their bid by offering Tottenham a number of players as part of a deal for Bale, with Portuguese ­left-back Fabio Coentrao a long-standing target of Spurs boss Andre ­Villas-Boas.

Fearing striker Fernando Llorente will wait to leave ­Athletic Bilbao in the summer, Tottenham have rejoined the race to sign Newcastle hot-shot Demba Ba and are prepared to trigger
his £7.5m release clause.